Union Minister of Steel Jyotiraditya Scindia has stated that the removal of export duties on steel will herald a new era for the Indian steel sector and allow it to establish its position in the global market.
Delivering the keynote address at the third conclave of the Indian Steel Association (ISA) on Monday, Scindia said that the steel sector will not only restore its international footprint but will also reach newer heights in the domestic market.
Scindia stated that Prime Minister Narendra Modi has put forth the mandate to enhance capital infrastructure by nearly Rs 17 lakh crore per year, thus increasing demand for steel by close to double digits (approximately 10 per cent per year).
The Indian steel sector has witnessed a transformation during the past eight years and has emerged globally from being the fourth largest producer to the second largest producer and the second largest consumer of steel.
Further, the policy of using domestic steel has saved Rs 22,400 crore on steel imports, according to the minister. He urged the industry to adopt a circular economy approach which would involve a gradual movement towards steel production from scrap.
For the record, the government withdrew the export duty on iron ore lumps and fines with below 58 per cent iron content, iron ore pellets and the specified steel products including pig iron, with immediate effect. The import duty concessions on anthracite / PCI coal, coking coal, coke and semi coke and ferronickel have also been withdrawn.
With this withdrawal, the status quo prevailing prior to May 22 this year was restored.
In May earlier this year, in the wake of a sharp and steady rise in prices of steel and in order to augment the availability both of finished steel as well as raw materials or intermediates required for steel manufacture, the Government took several tariff measures.
( With inputs from ANI )
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